Australia

Market Infrastructure

DDoS Attacks Force Fourth Day of Market Closure at NZX

By Manesh Samtani | 27/08/2020

The hacker group said to be responsible has reportedly also carried out attacks against MoneyGram, YesBank India, Worldpay, PayPal, Braintree and Venmo this week.

AML / KYC

ASIC Ends Years-old Probe into CBA’s AML Breaches

By Editors | 26/08/2020

ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.

Securities / Derivatives

ASIC Allows ‘Frozen Funds’ to Pay Out Hardship Relief to Members

By Editors | 26/08/2020

The hardship relief will make it easier for responsible entities of frozen funds to enable withdrawals by investors suffering hardship, says ASIC’s Karen Chester.

Fintech / Regtech

ASIC Issues Guidance on Use of Enhanced Regulatory Sandbox

By Manesh Samtani | 25/08/2020

The enhanced regulatory sandbox will commence on 1 September, following legislative amendments passed in February and subsequent regulations made in May.

APRA Consults on Changes to EFS Reporting Standards

By Sanday Chongo Kabange | 25/08/2020

The consultation is open for comment until 25 September. The changes are proposed to be effective for the reporting period ending June 2021.

Enforcement

ASIC: Financial Advice-related Compensation Tops A$1bn

By Editors | 24/08/2020

NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.

Securities / Derivatives

Australia Transitions to New Regulatory Regime for Litigation Funders

By Sanday Chongo Kabange | 24/08/2020

Litigation funders will have three months of transition relief before they have to mandatorily hold an AFS licence and comply with rules for managed investment schemes.

Enforcement

ASIC Takes Former ANZ Unit to Court Over Cybersecurity Failures

By Sanday Chongo Kabange | 24/08/2020

ASIC is seeking orders requiring RI Advice Group to pay a civil penalty and ensure it implements systems to adequately manage cyber risk.

Capital / Liquidity

New Zealand Expands Business Finance Guarantee Scheme

By Editors | 20/08/2020

The maximum loan amount and maximum term are being increased, and more businesses will have access to the scheme, until 31 December.